Tuesday, 9 September 2014

Tips to Consider while Buying PIP (Personal injury protection)

It is a norm that people ensure that they buy auto insurance
for their owned cars and personal insurance for personal injuries. Little do
they enquire about the various things covered under this policy. Every driver,
in most of the states of the United States, needs to have himself insured.
Thus, it makes one mandatory to purchase an insurance policy for them.

Why PIP?

Although Bodily Injury
Liability and Medical Payment
allow you to claim accident injury claim, Personal injury protection (PIP) is
the most suitable one. PIP enables the drivers to claim damages not only for
him but also for his passengers. So it is more wise to indulge in PIP and get
maximum benefits, god forbid one has to claim for his injuries in a car
accident.

Mandatory or
Otherwise

It is also called as No-fault insurance in some states. It
is a mandatory legal requirement. In some states, the agents include PIP in the
insurance, as it may be compulsory. Also the amount payable is also fixed by
the government. The states like Arkansas, Florida,
Hawaii, New York, New Jersey to name a few who have mandatory PIP coverage

PIP insurance limit

This is a sum assured to be paid by the car insurance
company in case of accident. An amount ranging from $1500.00 to $250,000.00 depending on
the injury and state is paid, varying from state to state. As a matter of fact
in Michigan, where PIP is termed as no-fault insurance, pays an unlimited
medical as well as rehabilitation benefits.

Tips to Buy

If you are a resident of a state
where Personal Insurance Protection is mandatory, then you should fix the
amount to the least that you can claim. You should also review the current car
insurance that you hold, to know if personal injuries are included. This makes
you relax as you won’t need any additional insurance. But if it is otherwise
you need to include PIP in your car insurance

If you drive regularly with
non-immediate family members and those who are uninsured or underinsured, you
may have to purchase a high amount PIP. This will provide you and your
passengers with blanket medical coverage within limits. You will need a high
amount PIP if you are young and have limited health insurance. That inversely
means that if you are middle aged or older, with extensive health coverage,
then you won’t require high amounts of PIP

So be wise to choose your Personal
Injury Protection plans and get the maximum benefits.